WMH Wireless telecommunication Holder

Pls accept my apology for writing in English, but inshaa Allaaah i will get used in writing arabic.

In this weekly edition of Holders Investor, we will look more closely to one of the hottest sectors in the street, Wireless Telecommunication Holder (NYSE: WMH)

During the past 6 weeks WMH out performed NASDAQ Composite as shown in chart 1.1

Relative strength chart shows the relative performance of security, sector, or market to another security, sector or market.
Rising relative strength line means the security under inspection is our performing.
In addition to rising relative strength line, this is the first time since March 2002 Relative strength libe breakout of resistance level (Blue line), and this indicates a buy signal (Blue Arrow).

Chart 1.2 shows Projected Fibonnaci Targets to the down side using May-June 2001 downswing (RedLine).
Projected Fibonacci Targets is a projection technique for Upside / Downside targets of marketswings in the same direction.

With only PFT can project 4 downside, targets, and PFT4 is the maximum downside projected target for downswing, PFT4 came exactly at 27.40, and this is an another evidence of hitting an intermediate term bottom.
Of course WMH could move down further, but PFT 4 indicates an upmove is under development.

After reaching a bottom of 27.40, WMH started to form a classical double bottom formation (a Technical Analysis reversal pattern), which should be considered as one of evidences in hand too.

And the result, is that we will apply PFT (Projected Fibonacci Targets to the upside, the same way we calculated PFT to the downside, but we will look for higher targets rather than downside target.
Chart 1.4 shows projected Fibonacci Targets for the Double bottom formation

As we already crossed PFT1 to the upside, we should look for other PFT levels, taking into consideration that reaching PFT4 level will put an intermediate term top, and PFT2 & PFT3 as good level for anticipating short term tops.

With these bullish evidence in hand, and with classical technical analysis say, “Trends reverse direction when a weight of evidences suggest price reversal”
Our Look for WMH is intermediate term bullish; buying dips is recommended, using past week’s low of 33.60 as a stop loss level